Euro area investment fund statistics: first quarter of 2023

24 May 2023

• In first quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,959 billion, up €430 billion on previous quarter
• Net issues in quarter amounted to €64 billion, with €1,037 billion in gross issues and €973 billion in gross redemptions
• Outstanding amount of shares/units issued by money market funds rose to €1,489 billion, up €3 billion on previous quarter

Chart 1

Issues and redemptions of shares/units by investment funds other than money market funds

(in EUR billions; not seasonally adjusted)

In the first quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €14,959 billion. Net issues during this period were €64 billion, with gross issues amounting to €1,037 billion and gross redemptions to €973 billion (see Chart 1). The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was -0.8% in the first quarter of 2023.

In terms of the type of investment fund, net issues of shares/units by bond funds amounted to €47 billion in the first quarter of 2023 (see Chart 2). For equity funds net issues amounted to €15 billion, while net redemptions by mixed funds amounted to €4 billion and net issues by real estate, hedge and other funds amounted to €7 billion.

Chart 2

Shares/units issued by investment fund type other than money market funds

(in EUR billions; not seasonally adjusted)

Exchange-traded funds (ETFs), which are a separate category within total investment funds (see annex below), recorded net issues of €38 billion in the first quarter of 2023. The outstanding amount of shares/units issued by ETFs stood at €1,317 billion.

Within the assets of investment funds other than money market funds, net purchases of debt securities amounted to €103 billion in the first quarter of 2023 (see Chart 3). Net purchases of equity were €24 billion, while those of investment fund shares/units were €2 billion.

Chart 3

Holdings of investment funds other than money market funds, by main instrument type

(quarterly transactions in EUR billions; not seasonally adjusted)

For shares/units issued by money market funds the outstanding amount was €3 billion higher than in the fourth quarter of 2022. This increase was accounted for by €10 billion in net issuance of shares/units and -€6 billion in other changes (including price changes). The annual growth rate of shares/units issued by money market funds, calculated on the basis of transactions, was 10.7% in the first quarter of 2023.

Within the assets of money market funds, the annual growth rate of debt securities holdings was -1.4% in the first quarter of 2023, with overall net sales amounting to €89 billion, which reflected net sales of €95 billion in debt securities issued by non-euro area residents and net purchases of €6 billion in debt securities issued by euro area residents. For deposits and loan claims, the annual growth rate was 40.7% and transactions during the first quarter of 2023 amounted to €102 billion.

Statistical Data Warehouse:

All money market funds (time series)
All investment funds other than money market funds (time series)

For queries, please use the Statistical information request form.

Notes:

• Money market funds are presented separately in this statistical release since they are classified in the monetary financial institutions sector within the European statistical framework.
• Hyperlinks in the main body of the statistical release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in the annex table are a snapshot of the data as at the time of the current release.